EU, Uzbekistan to start negotiations on investment projects

The European Union (EU) believes in the prospects of Central Asian countries development and intends to make long-term investment in the region, RIA Novosti reports quoting the head of the European external action service for Russia, Eastern partnership and Central Asia Luke Devine.

Last week the European Commission published the EU strategy for the development of the pairing of Europe and Asia, proposing initiatives to strengthen ties between the regions using compatible transport, energy and digital networks. The strategy States that in the coming decades Asia will need more than 1.3 trillion euros a year in infrastructure investment to maintain current growth rates and adaptation to climate change.

"We believe in the long-term prospects of the region," said Mr. Devine at the round table at the European Institute of Asian studies on the reforms in Uzbekistan and cooperation in Central Asia.

He added that the EU is investing in the region "for the long-term prospect".

“We negotiated the agreement on extended partnership and cooperation with Kazakhstan in 2015, we are working with Kyrgyzstan and Azerbaijan, and we are very happy that soon we will start talks with Uzbekistan too,” Mr. Devine stated.

According to the development strategy of the EU, it intends to improve relations with Asia through priority transport corridors, energy cooperation and digital networks, partnerships based on agreed rules and standards to better manage the flow of goods, capital and services, as well as through improving the efficiency of use of financial resources for investment.